Glanbia Plc Reports Very Strong First Half Performance

The recovery in global dairy markets has lead to a significant improvement in the Group’s operating environment and the benefits of an ongoing rationalisation programme and strong cost managements are flowing through.

26 May 2010 --- Glanbia plc, the international nutritional ingredients and cheese Group, reported to its Annual General Meeting in Kilkenny that the Group is having a strong first half. The recovery in global dairy markets has lead to a significant improvement in the Group’s operating environment and the benefits of an ongoing rationalisation programme and strong cost managements are flowing through. In its recent Interim Management Statement, the Group upgraded the outlook for the full year, revising 2010 adjusted earnings per share guidance to mid-teens earnings growth.

Referring to the proposal by Glanbia Co-operative Society Limited to acquire the Group’s Irish Dairy and Agri Businesses, Mr Herlihy expressed disappointment that while the vote by members of the Society achieved 73% which represented a very strong vote in favour of the proposal it did not reach the 75% threshold required under the Society’s rules.

“The Board and Management are fully committed to driving Glanbia forward for the benefit of all stakeholders and look forward with confidence to a strong outlook for 2010,” said Mr. Herlihy.